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SG HK, Dubai are hottest property markets

Property Here - Monday, May 06, 2013

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By Romesh Navaratnarajah:

Supported by the sharp rise in average home prices, Hong Kong and Dubai have emerged as the top two destinations in ‘The Hottest Real Estate Markets on Earth’ 2012 ranking by Forbes.

Notably, Hong Kong house prices soared a whopping 23.6 percent. Currently, a three-bedroom property measuring 1,800 sq ft in the Parkview neighbourhood costs about US$4.7 million (S$5.78 million). 

At the same time, Dubai has emerged from the 2008-2009 real estate crash. Average housing prices in the emirate spiked 19 percent last year. With such strong growth, market watchers expect it to snatch top spot soon.

In fact, a recent Knight Frank report noted that “there is noticeable demand for prime real estate in Dubai and the level of transactions increased through 2012”. 

Another report by Deutsche Bank also highlighted the on-going 16 month increase in Dubai real estate prices and rents which underscores the return of investor confidence in the city.

Completing the top 10 list is Brazil in third spot, reporting a 13.7 percent hike in home values, followed by Turkey (10.5 percent), Moscow (10.2 percent), Austria (10.1 percent), Taiwan (9.7percent), China (9.3 percent), India (8.5 percent) and Colombia (8.3 percent).



Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@allproperty.com.sg